COPENHAGEN (dpa-AFX) - The Carlsberg Group has agreed to a sale of its shares in Baltika Breweries. The Carlsberg Group will receive a cash consideration as well as Baltika Breweries' shareholdings in Carlsberg Azerbaijan and Carlsberg Kazakhstan. With the divestment, Carlsberg Group will no longer have any ownership of shares in Baltika Breweries. The companies will settle all outstanding legal disputes, including IP rights issues.
'Since the announcement of our intention to leave Russia in 2022, we have exhausted all options to find a way to achieve a full exit from Russia while protecting our employees, our assets and the value of the Carlsberg business. With today's announcement, we will settle numerous lawsuits and IP rights issues related to Baltika Breweries,' said Jacob Aarup-Andersen, CEO of Carlsberg Group.
The new controlling shareholder of Baltika Breweries will be a company owned equally by two longstanding Baltika employees.
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